BroadChain, April 24, 01:00 - The Bank for International Settlements (BIS) recently released a research report pointing out that cryptocurrency exchanges offer bank-like lending services through "wealth management" and "yield" products, but lack deposit insurance and regulatory protection, effectively forming a "shadow banking" model. The report states that these products concentrate user assets in high-risk activities, with users holding only unsecured claims, directly exposing them to the platform's solvency risk.
The BIS also cited the collapses of Celsius Network and FTX, as well as the flash crash case in October 2025, emphasizing that high leverage, lack of transparency, and inadequate protection mechanisms could trigger systemic risks.